{"slug":"cms-energy","name":"CMS 에너지","name_en":"CMS Energy Corporation","ticker":"CMS","updated_at":"2026-09-24T12:56:00.645555+00:00","canonical":"https://valuechain.wiki/cms-energy","citable":"밸류체인 그래프 기준 CMS 에너지의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, CMS Energy Corporation is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 5 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-24).","kicker":"미시간 전력·가스 유틸리티","kicker_en":"Michigan electric and gas utility","lead":"CMS 에너지는 자회사 Consumers Energy를 통해 미시간에서 전력과 천연가스를 판매하고, NorthStar Clean Energy를 통해 독립 발전과 에너지 마케팅 사업을 운영한다. 발전 연료, 장기 전력구매계약, MISO 시장 전력과 전력망 설비에 비용을 쓰며 대형 산업·소매 고객의 재생에너지 수요를 매출로 연결한다.","lead_en":"CMS Energy sells electricity and natural gas in Michigan through Consumers Energy and operates independent power generation and energy marketing through NorthStar Clean Energy. It spends on generation fuel, long-term power purchase agreements, MISO market power and grid infrastructure, while converting renewable-energy demand from large industrial and retail customers into revenue.","categories":[{"key":"regulated-grid-utilities","ko":"규제 유틸리티·전력망 운영","en":"Regulated Utilities & Grid Operators","theme":"power-grid","theme_ko":"전력·그리드","theme_en":"Power & Grid","theme_kind":"chain","primary":true}],"segments":{"parts":[{"name":"전기 유틸리티","note":"발전, 전력 구매, 배전과 전력 판매"},{"name":"가스 유틸리티","note":"천연가스 구매, 수송, 저장, 배급과 판매"},{"name":"NorthStar Clean Energy","note":"독립 발전, 재생에너지 자산과 에너지 마케팅"}],"total":"FY2025 총매출 85억3,900만달러 (SEC 10-K XBRL, 2026-02-10)","track":"C"},"segments_en":{"parts":[{"name":"Electric Utility","note":"Generation, power purchases, distribution and electricity sales"},{"name":"Gas Utility","note":"Natural gas purchasing, transportation, storage, distribution and sales"},{"name":"NorthStar Clean Energy","note":"Independent generation, renewable assets and energy marketing"}],"total":"FY2025 total revenue of US$8.539 billion (SEC Form 10-K XBRL, 2026-02-10)"},"returns_yearly":{"2021":9.7,"2022":0.2,"2023":-5.2,"2024":18.6,"2025":8.1,"2026":-4.1},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":2,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"hershey-company","name":"허쉬","name_en":"The Hershey Company","tier":2,"returns_yearly":{"2021":29.6,"2022":21.9,"2023":-17.9,"2024":-6.5,"2025":11,"2026":-2.7}},{"slug":"packaging-corporation-of-america","name":"패키징 코퍼레이션 오브 아메리카","name_en":"Packaging Corporation of America","tier":1,"returns_yearly":{"2021":1.5,"2022":-2.6,"2023":31.9,"2024":41.7,"2025":-6.1,"2026":13.9}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":1,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":2.4}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":1,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}}],"benefiting":[],"analysis":"미시간 전력·가스 유틸리티 기업. 2026년 +0.2%다. 본주(+0.2%)와 수요단(평균 +2.6%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 제너럴 모터스(+8.4%), 가장 처진 곳은 월마트(-3.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"CMS Energy Corporation operates across Michigan electric and gas utility. It is +0.2% in 2026. The stock (+0.2%) and its demand side (avg +2.6%) are moving in step. Among connected nodes the furthest ahead is General Motors (+8.4%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on generation fuel, long-term power purchase agreements, MISO market power and grid infrastructure, while converting renewable-energy demand from large industrial and retail customers into revenue.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"New Covert Generating Company, LLC","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-08-31","basis":"Covert 발전소 최초 인수가격과 사후 종결 조정액의 합계","value":812000000,"period":"May-August 2023","basis_en":"Initial purchase price plus the post-closing adjustment for the Covert facility","qualifier":null},"note":"Consumers Energy는 New Covert Generating Company, LLC로부터 Covert 천연가스 복합화력발전소를 자산 인수했다. 2023년 지급한 최초 대금과 사후 정산액은 합계 8억1,200만달러다.","note_en":"Consumers Energy acquired the Covert natural-gas combined-cycle generating station from New Covert Generating Company, LLC. The initial payment and post-closing adjustment paid in 2023 totaled $812 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-10-26","url":"https://www.sec.gov/Archives/edgar/data/811156/000081115623000072/cms-20230930.htm","title":"Consumers Energy 2023년 3분기 10-Q, 전환 활동 주석","title_en":"Consumers Energy Q3 2023 Form 10-Q, Transition Activities Note","excerpt":"Consumers는 Covert 발전소를 8억1,000만달러에 매입하고 사후 200만달러를 추가 지급했다.","excerpt_en":"Consumers purchased the Covert Generating Facility ... for $810 million ... [and] paid an additional $2 million."},{"stance":"confirms","publisher":"Consumers Energy","publisher_en":"Consumers Energy","kind":"ir","lang":"en","published_at":"2023-06-01","url":"https://www.consumersenergy.com/news-releases/news-release-details/2023/06/01/18/03/consumers-energy-starts-operating-covert-power-plant-reliably-meeting-michigans-energy-needs","title":"Consumers Energy, Covert 발전소 운영 시작","title_en":"Consumers Energy Starts Operating Covert Power Plant, Reliably Meeting Michigan's Energy Needs","excerpt":"Consumers Energy는 1,200MW 천연가스 Covert 발전소를 매입했다.","excerpt_en":"Consumers Energy purchased the 1,200-megawatt, natural gas-fired Covert plant."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2021-06-21","url":"https://www.sec.gov/Archives/edgar/data/811156/000110465921084502/tm2120427d1_8k.htm","title":"Consumers Energy 2021년 6월 21일 Form 8-K, Covert 인수 계약","title_en":"Consumers Energy Form 8-K dated June 21, 2021, Covert Acquisition Agreement","excerpt":"Consumers Energy는 New Covert Generating Company, LLC와 8억1,000만달러에 New Covert 발전시설을 인수하는 계약을 체결했다.","excerpt_en":"Consumers Energy signed a Purchase and Sale Agreement with New Covert Generating Company, LLC to acquire the New Covert Generating Facility for $810 million, subject to adjustments."}]},{"direction":"cost","counterparty":"Midland Cogeneration Venture Limited Partnership","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-10","basis":"MCV 전력구매계약에 따라 지급한 용량·에너지 요금","value":360000000,"period":"FY2025","basis_en":"Capacity and energy charges paid under the MCV power purchase agreement","qualifier":null},"note":"Consumers Energy는 MCV 발전소에서 용량과 전력을 구매한다. 2025년 지급한 용량·에너지 요금은 3억6,000만달러였고, 2030년부터 적용될 후속 장기계약도 체결했다.","note_en":"Consumers Energy purchases capacity and energy from the MCV facility. Capacity and energy charges were $360 million in 2025, and the utility also signed a successor long-term agreement effective in 2030.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/811156/000081115626000004/cms-20251231.htm","title":"CMS Energy 및 Consumers Energy 2025 Form 10-K","title_en":"CMS Energy and Consumers Energy 2025 Form 10-K","excerpt":"2025년 MCV PPA의 용량·에너지 요금은 3억6,000만달러였다.","excerpt_en":"MCV PPA charges were $360 million in 2025."}]},{"direction":"cost","counterparty":"Midcontinent Independent System Operator","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-10","basis":"MISO 에너지시장에서 구매한 전력의 상대별 금액","value":null,"period":"FY2025","basis_en":"Counterparty-specific value of electricity purchased from the MISO energy market","qualifier":"confirmed_no_disclosed_value"},"note":"Consumers Energy는 고객 수요를 맞추기 위해 MISO의 하루전·실시간 시장에 입찰해 전력을 구매한다. 장기 PPA와 MISO 시장을 합친 조달 비중은 공개됐지만 MISO만의 구매액은 따로 공개되지 않았다.","note_en":"Consumers Energy bids for power in MISO's day-ahead and real-time markets to meet customer demand. The filing discloses the combined supply share from long-term PPAs and MISO, but not a separate purchase amount for MISO alone.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/811156/000081115626000004/cms-20251231.htm","title":"CMS Energy 및 Consumers Energy 2025 Form 10-K","title_en":"CMS Energy and Consumers Energy 2025 Form 10-K","excerpt":"Consumers Energy는 고객 수요를 위해 MISO 시장에서 전력을 입찰·구매한다.","excerpt_en":"purchases from the MISO energy market"},{"stance":"confirms","publisher":"에너지경제연구원","publisher_en":"Korea Energy Economics Institute","kind":"research","lang":"ko","published_at":"2025-12-31","url":"https://keei.re.kr/board.es?act=view&bid=0001&list_no=127029&mid=a10101010000","title":"미래 환경변화에 대응 가능한 전력시장제도의 단계적 발전방향 연구(1/3)","title_en":"A Study on the Phased Development of Electricity Market Systems Responsive to Future Environmental Changes (1/3)","excerpt":"보고서는 MISO의 도매전력시장 설계 개편 연혁과 핵심 사항을 검토하고, 하루전·실시간 현물시장의 구조와 운영을 분석한다.","excerpt_en":"The report reviews the history and key elements of MISO wholesale-market design reforms and analyzes the structure and operation of day-ahead and real-time spot markets."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"mid","metric":{"type":"share","unit":"percent","as_of":"2024-04-10","basis":"미시간 Walmart 사업장 44곳의 전력 사용량 중 재생에너지 매칭 비중","value":90,"period":"agreement announced 2024-04-10","basis_en":"Share of electricity use at 44 Michigan Walmart locations to be matched with renewable energy","qualifier":null},"note":"Consumers Energy는 Walmart의 미시간 사업장 전력 사용량 대부분을 향후 개발할 재생에너지와 매칭하기로 합의했다. 이 계약은 대형 사업자용 재생에너지 프로그램의 직접 매출 관계다.","note_en":"Consumers Energy agreed to match most of the electricity used by Walmart locations in Michigan with renewable energy from future projects. The agreement is a direct revenue relationship under the utility's large-business renewable-energy program.","sources":[{"stance":"confirms","publisher":"Consumers Energy","publisher_en":"Consumers Energy","kind":"ir","lang":"en","published_at":"2024-04-10","url":"https://www.consumersenergy.com/news-releases/news-release-details/2024/04/10/walmart-partners-with-consumers-energy-to-power-44-michigan-locations-with-clean-energy","title":"Walmart, Consumers Energy와 미시간 사업장 44곳 청정에너지 공급 협력","title_en":"Walmart Partners with Consumers Energy to Power 44 Michigan Locations with Clean Energy","excerpt":"Walmart는 미시간 사업장 44곳의 에너지 사용량 90%를 재생에너지와 매칭하기로 했다.","excerpt_en":"Walmart is agreeing to match 90% of the energy they use across 44 Michigan locations."}]},{"direction":"revenue","counterparty":"제너럴 모터스","counterparty_slug":"general-motors","confidence":"mid","metric":{"type":"capacity","unit":"MW","as_of":"2022-02-01","basis":"제너럴 모터스 미시간 공장들의 무탄소 재생에너지 계약 전력","value":70,"period":"20-year agreement announced 2022-02-01","basis_en":"Emission-free renewable capacity committed for General Motors plants in Michigan","qualifier":"approximately"},"note":"Consumers Energy는 제너럴 모터스의 미시간 자동차 공장들에 무탄소 재생전력을 공급하는 장기 계약을 맺었다. 공개된 계약 전력은 약 70MW이며 세 공장의 재생에너지 조달을 지원한다.","note_en":"Consumers Energy signed a long-term agreement to supply emission-free renewable power to General Motors plants in Michigan. The disclosed commitment covers about 70 MW and supports renewable-energy sourcing at three plants.","sources":[{"stance":"confirms","publisher":"Consumers Energy","publisher_en":"Consumers Energy","kind":"ir","lang":"en","published_at":"2022-02-01","url":"https://www.consumersenergy.com/news-releases/news-release-details/2022/02/01/14/12/consumers-energy-general-motors-agree-to-power-three-michigan-auto-plants-with-clean-energy","title":"Consumers Energy와 General Motors, 미시간 자동차 공장 세 곳에 100% 청정에너지 공급 합의","title_en":"Consumers Energy, General Motors Agree to Power Three Michigan Auto Plants with 100% Clean Energy","excerpt":"GM의 장기 계약은 미시간에서 약 70MW의 무탄소 재생에너지를 지원한다.","excerpt_en":"This commitment supports roughly 70 megawatts of emission-free renewable energy in Michigan."}]},{"direction":"revenue","counterparty":"패키징 코퍼레이션 오브 아메리카","counterparty_slug":"packaging-corporation-of-america","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2023-08-06","basis":"Filer City 발전소가 PCA 제지공장에 판매하는 증기 대금","value":null,"period":"ongoing supply relationship","basis_en":"Payments for steam supplied by the Filer City plant to PCA's paper mill","qualifier":"confirmed_no_disclosed_value"},"note":"CMS 에너지는 비규제 자회사 NorthStar Clean Energy가 공동 보유한 Filer City 발전소를 통해 인접한 PCA 제지공장에 공정용 증기를 판매하며, 공개 자료에는 PCA의 증기 구매액이 없다.","note_en":"CMS Energy sells process steam to PCA's adjacent paper mill through the Filer City plant, which is jointly owned by its subsidiary NorthStar Clean Energy, while PCA's purchase amount is not public.","sources":[{"stance":"confirms","publisher":"바이오에너지 인터내셔널","publisher_en":"Bioenergy International","kind":"news","lang":"en","published_at":"2023-08-06","url":"https://bioenergyinternational.com/bw-awarded-beccs-study-for-coal-to-biomass-project/","title":"B&W, 석탄에서 바이오매스로 전환하는 프로젝트의 BECCS 연구 수주","title_en":"B&W awarded BECCS study for coal-to-biomass project","excerpt":"Filer City 발전소의 증기는 인접한 PCA 제지공장에 판매되며, NorthStar는 CMS 에너지의 완전 자회사다.","excerpt_en":"Steam is sold to Packaging Corporation of America for use in their adjacent paper mill."}]}]}